SK earthon discovers oil reserves at offshore site in Vietnam

SK earthon Co., a Korean oil exploration and production (E&P) company, said Thursday oil reserves have been discovered in a Vietnamese block in which the company holds a stake. U.S.-based Murphy Oil Corp., the operator of Block 15-1/05, recently found a 32-meter-thick oil layer in the block located in the Cuu Long Basin and has been testing production of 2,500 barrels of light crude oil per day, SK earthon said in a press release. SK earthon holds a 25 percent stake in the block, based on its 2007 investment. Murphy Oil and Vietnam's state-run Petro Vietnam Exploration Production (PVEP) own 40 percent and 35 percent, respectively. In January, oil reserves were also discovered in Block 15-2/17, located 64 kilometers southeast of Vietnam's Ho Chi Minh City, in which SK earthon likewise holds a 25 percent stake. SK earthon has been expanding its E&P activities in China and Southeast Asia to bolster the bottom line of its refining parent company. Since 2022, it has generated over 1 trillion won ($716.6 million) in annual sales from overseas E&P projects. SK earthon is a wholly owned energy unWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times